Section 13 of your Government Home loan Financial Act, and that exempts federal home loan banking companies and their “advances” regarding county tax, pubs your state out of demanding a national discounts and you may financing relationship to expend documentary stamp taxes for the promissory cards executed from the association in support of a national home loan bank to cover fund from the loan places in Rosa lender towards organization. Pp. 365 You. S. 518 -524.
Laurens Provided. S. & L. Assn. v. Tax Commission, 365 You.S. 517 (1961)
(a) The new immunity system offered so you’re able to “advances” from a federal mortgage bank because of the thirteen of one’s Federal Financial Lender Work are broad sufficient to pub condition stamp taxes with the eg financing. Pittman v. Household Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.
(b) Point 5(h) of the house Owners’ Financing Operate regarding 1933, that offers you to definitely no State shall tax a federal offers and you can mortgage association in the a higher rate than just they taxation most other comparable local mutual or collaborative thrift and you can a mortgage establishments, didn’t explicitly or impliedly repeal 13 of the Government Home loan Bank Act, which exempts “advances” from federal mortgage financial institutions from condition income tax. Pp. 365 U. S. 522 -524.
You.S. Finest Courtroom
Point thirteen of your Federal Home loan Lender Operate, and this exempts federal mortgage banks and their “advances” off county taxation, bars your state off requiring a federal coupons and you will financing connection to pay documentary stamp taxation with the promissory notes done by connection in favor of a federal mortgage lender to fund loans on bank with the relationship. Pp. 365 You. S. 518 -524.
Laurens Provided. S. & L. Assn. v. Tax Commission, 365 U.S. 517 (1961)
(a) This new immunity system supplied to “advances” away from a federal home loan lender because of the 13 of Government Financial Lender Operate is large sufficient to help you pub county stamp fees towards like a loan. Pittman v. House Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Section 5(h) of the house Owners’ Financing Work from 1933, that offers that no State shall tax a national coupons and you may financing association during the a higher level than simply they taxation almost every other equivalent regional mutual or cooperative thrift and you can a mortgage institutions, failed to explicitly or impliedly repeal thirteen of your Government Mortgage Bank Operate, which exempts “advances” out-of government home loan banking companies away from state tax. Pp. 365 You. S. 522 -524.
Petitioner try a federal Savings and Loan Organization planned beneath the House Owners’ Loan Act out-of 1933 [Footnote step 1] and working in the Laurens, Sc. It is extremely an associate, that have credit privileges, of your Federal Mortgage Financial out-of Greensboro, Vermont, which was established underneath the Federal Mortgage Bank Work out-of 1932. [Footnote dos] For the intended purpose of and work out financial currency found in the community that it serves, petitioner Government Discounts and you can Loan Connection has actually, once the August 12, 1953, protected “enhances,” otherwise fund, regarding the Government Mortgage Lender out-of Greensboro totalling $5,675,000, where petitioner carried out authored promissory cards into Bank since the necessary for this new 1932 Act. The state reviewed up against petitioner documentary stamp taxation throughout these cards of $dos,270 around a state law imposing a stamp tax toward promissory cards at speed of four dollars for each $100. [Footnote step three] Petitioner paid off these types of taxes significantly less than protest immediately after which brought the present action in the county legal for reimburse of percentage, [Footnote 4] saying your imposition of the fees constituted an unlawful test from the County in order to tax the fresh new “advances” of one’s Federal Home loan Financial from Greensboro inside the ticket out-of the brand new supply of your 1932